SEARCHES AND HIRES

Texas County & District puts $450 million in Angelo Gordon direct lending strategy

Texas County & District Retirement System, Austin, committed $450 million to a direct lending strategy managed by Angelo Gordon & Co., confirmed Paul Williams, chief investment officer, in an email.

The commitment to the separate account is part of the build out of the $25.6 billion pension fund's allocation to the asset class.

The board doubled the fund's allocation to direct lending to 10% at an April 6 meeting.

The fund's investment team wasted no time in committing $450 million to a direct lending separate account managed by Benefit Street Partners on April 7. In March, prior to the asset class increase, it committed $80 million to MCP Private Capital Fund III, managed by Metric Capital Partners, for investment in small- to midsized European companies.

As of Dec. 31, the pension fund already had $462 million committed to or invested in eight direct lending strategies, a transaction report showed.

Mr. Williams said the pension fund likely will add another direct lending manager soon.